On Monday the share price of Advanced Medical Isotope Corp. (OTCMKTS:ADMD) surged more than 10% to close the trading session at $0.0041. In the previous week, the stock price momentum was subdued that indicated more problems will follow in the coming days. As it was expected, ADMD stock price opened the week on a weak note. In last trading session, the ticker declined 8.57% to close at $0.00320. The daily volume was on lower side with 23.85 million shares changing hands.
Despite the massive correction that Advanced Medical witnessed in this week, it is still holding on to a bigger part of its recent gains. The stock price performance for the last month has been extremely encouraging. It started to surge from $0.0005 in the last week of February and from there on gained more than 600% in just one month. The gains stand despite the sharp decline recorded in this week.
For more than three months Advanced Medical has not issued a single press release. The last article was published on December 23, 2014 and in it Advanced Medical stated that it filed a de novo submission with the FDA for marketing approval for its patented product Y-90 RadioGel. The press release stated that a final decision should be made in the coming 120 days if the U.S. FDA didn’t ask for additional requests. The specified period is going to end and investors are investing into the stock in expectation of the possible approval.
The other details
The press release also highlighted various other facts that cannot be ignored. Last February, the FDA rejected Advanced Medical’s device and suggested that it should be reclassified as a “Class II” medical device. If this time the device gets the market clearance, it will face with another problem. It will require funds for the commercialization process, and as per latest report the company had cash of just $525!